Related Articles

"No one gets a pay rise in a business that is going backwards and no one gets a job in a business that is closed," he told ABC radio on Tuesday.

The treasurer argued wages growth would come from businesses that were growing.

That's why the government was pursuing company tax cuts as well as implementing trade plans and boosting spending for infrastructure and the defence industry.

"All of these things we are implementing are all about seeing our companies grow," Mr Morrison said.

Separately, official figures showed city property prices rose 10.2 per cent in the year to March, led by a 14.4 per cent jump in Sydney and a 13.4 per cent in Melbourne.

However Housing Industry Association senior economist Shane Garrett said since March there have been signs of slowing price growth following the introduction of additional restrictions by the prudential watchdog and increased barriers to foreign investor participation imposed at both the federal and state level.

Craig Michaels, S&P's director of sovereign ratings told a briefing a collapse in prices would not only have a direct impact on the banking sector and could grow into a broader economic slowdown if it weighs heavily on consumption.